Fitch Ratings has elevated Philadelphia's credit score to 'A+' from 'A', giving the city its highest ratings in decades. Detailed in an official announcement on June 11th, this marks the first upgrade during Mayor Cherelle L. Parker’s tenure. Fitch acknowledges the city's solid General Fund reserves, consistent financial management, diverse economy, and a healthier pension fund.

The upgrade is seen as a nod to the city's fiscal resilience and strategic planning. Mayor Parker celebrated the upgrade, acknowledging the rigorous work her team, including Finance Director Rob Dubow, has poured into the city's economic overhaul. “I am delighted by the news that the City of Philadelphia’s credit rating has been upgraded to “A+” – our highest group of credit ratings in decades,” she told the press. The city's upgraded rating is expected to directly impact borrowing costs favorably, presenting a saving grace for taxpayers.

Philly's financial gains go beyond the rating upgrade. The City Treasurer, Jackie Dunn, highlighted the effort to bolster the city’s reserves and to healthfully manage its pension fund. Philadelphia finished Fiscal Year 2023 with a towering $982 million fund balance and plans to persistently deposit into the rainy-day fund for consistent fiscal stability.

The strategic fiscal management has led Philadelphia to score its highest combination of credit ratings in forty years. While Fitch has awarded an 'A+', S&P Global Ratings has opted to maintain an 'A' with a positive lookout, and Moody’s Ratings affirmed an 'A1' with a stable forecast. The upswing in Philadelphia’s fiscal health is timely as the city prepares to sell $100 million in bonds on June 13, for infrastructure investment purposes across parks, recreation centers, and libraries within the cityscape.